Quad/Graphics Announces $2/Share Special Dividend, Raises Qtr. Dividend from $0.25 to $0.30/Share

Quad/Graphics, Inc.

(“Quad/Graphics” or the “Company”) today announced that its board of directors approved an increase to its 2013 quarterly cash dividend by 20% to $0.30 per share from $0.25 per share. In addition, the board of directors also declared a special dividend of $2 per share. As previously announced, the Company expects full-year 2012 recurring Free Cash Flow to equal or surpass the $340 million it generated in fiscal 2011. The 2013 quarterly cash dividend of $0.30 per share is subject to board approval and begins with the first quarter of 2013. The special dividend will be payable on December 28, 2012, to shareholders of record as of December 24, 2012.